Two
major US based clients Agilent Technologies
and Lowe’s companies have terminated
their contracts with Satyam. Following
this Euronet Worldwide a banking sector
has also terminated their dealings
with the company following the scam.
The firm had been losing clients from
the time the scam broke in January
this year and Tech Mahindra's (TechM)
takeover has not been able to arrest
the trend.
Sources say that TCS have taken the
Agilent Technologies process.
Further Vineet Nayyar, the chief executive
of Tech Mahindra who won an auction
for a controlling stake in Satyam,
said, “Satyam has 10,000 excess
staff. Ultimately if the company fails,
you have 40,000 people out of the
job. Nobody wants that. I think the
future is great but there will have
to be a few sacrifices in terms of
compensation, in terms of a large
number of things... Some form of least
painful way of reduction in staff
is an option which will have to be
looked at,”
However, Kiran Karnick, chairman of
the board appointed by the government
to salvage the company, said Satyam
was looking at cost-control steps
including wage cuts, but not layoffs. |
